Theranostics Market in terms of revenue was estimated to be worth $2.1 billion in 2023 and is poised to reach $4.3 billion by 2028, growing at a CAGR of 15.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising number of cancer cases and increasing use of radiophamrceuticals for neurological applications. Therastostics find growth opportunities in emerging countries due to rising incidence of targeted diseases and increasing number of hospitals.
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Radiopharmaceuticals segment to register significant growth rate over the forecast period of 2023-2028.
Based on the product, the global theranostics market is segmented into diagnostic imaging, radiopharmaceuticals, IVD/Biomarker screening, and software and services. The radiopharmaceuticals segment is anticipated to register the highest growth rate over the forecast period and also accounted for the highest share of the theranostics market in 2022.
Prostate cancer application segment accounted for the largest share of the theransotics market, by application in 2022.
Based on application, the theranostics market is segmented into prostate cancer, bone metastasis, other cancer, and other applications. The prostate cancer segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the increasing awareness on the benefits of radiopharmaceuticals and rising adoption of theranostics treatment in end user facilities drive the growth of the market.
The hospitals and cancer care segment accounted for the largest share of the theranositcs market, by end user, in 2022
Based on end user, the global theranositcs market is segmented into hospitals and cancer centers, theranostics centers, and research and academic centers. The hospitals and cancer care centers segment accounted for the largest share of the market in 2022. Consistent rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific theranositcs market is anticipated to register the highest growth from 2023 to 2028. The key players of theranostics market are focusing on expanding their footprint in the APAC region. This region is witnessing a significant rise in the adoption of the treatment by different end user facilities in the region. Improvements in healthcare systems and rising healthcare expenditure are offering significant growth opportunities for the key players.
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Theranostics Market Dynamics:
Drivers:
- Rising focus on precision medicine to propel the market
Restraint:
- Short half-life of radiopharmaceuticals
Opportunities:
- Growth opportunities in emerging countries
Challenge:
- Shortage of trained professionals
Key Market Players of Theranostics Industry:
As of 2022, prominent players in the theranostics market are Advanced Accelerator Applications (France), Bayer AG (Germany), and GE Healthcare (US) among others.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
- By Designation: Director-level–14%, C-level–10%, and Others–76%
- By Region: North America–40%, Europe–32%, Asia Pacific–20%, Rest of the World- 8%
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Theranostics Market – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall theranostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
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